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A jail term of 10 years could be the tough new penalty for bank executives and finance companies who rip-off their customers and deceive industry watchdogs.
Treasurer Scott Morrison and Financial Services Minister Kelly O'Dwyer will propose significantly higher penalties for companies and individuals who break the law.
Large companies could potentially be fined 10 per cent of their annual turnover and ASIC will be given more power under Morrison and O'Dwyer's proposal.